ABSTRACT
As is well known, Goodwin (1955) determined a set of minimum conditions for aggregate activity, and specifically output growth, to present cyclical dynamics. In his seminal contribution (1967), significantly titled “A Growth Cycle,” these conditions are represented through Volterra’s model and relate in particular to occupational levels and distributive shares. With this model, Goodwin integrated the Marxian notion of class struggle for the distribution of income with Keynes’ insight that potential output need not be constantly realized, but rather demand is a fundamental driver of economic activity.
